猪价新低亏损加剧，关注产能去化进度：农林牧渔

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The pig price has dropped to a new low of 10.29 CNY/kg, with significant losses in breeding, indicating a weak market trend [2][9] - The beef market is showing signs of recovery with rising prices for imported frozen products and calves, suggesting a long-term upward trend in meat and milk prices [3][29] - The poultry sector is experiencing a decline in broiler prices and fluctuating chick prices, with potential impacts from limited overseas breeding imports [3][41] - The release of the 2026 No. 1 Document emphasizes the promotion of biological breeding industrialization, which is expected to benefit leading seed companies [3][52] Summary by Sections Pig Farming - Pig prices continue to decline, reaching 10.29 CNY/kg, with breeding profits for self-bred and purchased piglets at -237.98 CNY and -58.89 CNY per head respectively [2][9] - Slaughter volumes have slightly increased due to seasonal demand, with a weekly average of 130,700 pigs slaughtered, up 17.28% week-on-week [11] - The average weight of pigs at slaughter has risen to 128.15 kg, indicating increased market supply pressure [16][27] Cattle Farming - The beef market is stable, with calf prices rising to 33.99 CNY/kg, supported by increased demand and limited supply [3][29] - Imported beef prices are also on the rise, with Brazilian cuts priced at 60.32 CNY/kg, reflecting a 2.01% increase week-on-week [29] Poultry Sector - Broiler prices have decreased to 7.20 CNY/kg, while chick prices are fluctuating around 2.85 CNY each, influenced by seasonal demand and feed price increases [39][41] - The market is facing challenges due to limited overseas breeding imports, which may affect supply dynamics [41] Seed Industry - The 2026 No. 1 Document focuses on enhancing agricultural modernization and promoting biological breeding, which is expected to accelerate the adoption of genetically modified crops [52][55]